Sensex Soars Over 500 Points, Nifty Above 15,100

2021-03-09 03:53:28

Sensex Gains Nearly 400 Points; Financials See Buying, Oil Stocks Weak

HDFC Bank, Axis Bank, ICICI Bank, Bajaj Finance and HDFC gained 1.3-2.4 per cent each on the BSE

The domestic stock markets have held on to their gains in mid-morning trading on the back of positive global cues. At 11:30 am, the Sensex was at 50,825, higher by 384.50 points or 0.7 per cent and the Nifty was at 15,070.50, up 114.70 points or 0.76 per cent. The broader markets are out-performing the benchmark indices, with the BSE Midcap and BSE Smallcap indices adding 0.62 per cent and 0.45 per cent respectively.

Overnight, Dow Jones Industrial Average rose 306.14 points, or 0.97 per cent, to 31,802.44, the S&P 500 lost 20.59 points, or 0.54 per cent, to 3,821.35 and the Nasdaq Composite dropped 310.99 points, or 2.41 per cent, to 12,609.16.

Elsewhere in Asia, bourses in Hong Kong and Tokyo were trading on a positive note in mid-session deals, while Shanghai and Seoul were in the red.

Meanwhile, foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,494.49 crore on Monday, as per exchange data.

Financial stocks are witnessing buying interest, with the likes of HDFC Bank, Axis Bank, ICICI Bank, Bajaj Finance and HDFC having gained 1.3-2.4 per cent each on the BSE. Ultratech Cement and M&M are the other significant gainers among BSE stocks.

On the other hand, oil marketing company shares are on a slippery slope as oil prices settled lower on Monday, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the COVID-19 pandemic began. Brent settled down $1.12 or 1.6 per cent at $68.24. U.S. West Texas Intermediate (WTI) crude settled down $1.04 or 1.6 per cent at $65.05. BPCL, GAIL, IOC and ONGC have shed between 1 per cent and 5 per cent each on the BSE.

The BSE market breadth is strong. Out of 2,311 stocks traded on the BSE, there are 1,523 advancing stocks as against 672 declines.

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